Notable Mover: Will Provident Financial Services, Inc. Run Out of Steam Soon?

Notable Mover: Will Provident Financial Services, Inc. Run Out of Steam Soon?

The stock of Provident Financial Services, Inc. (NYSE:PFS) hit a new 52-week high and has $33.88 target or 54.00% above today’s $22.00 share price. The 7 months bullish chart indicates low risk for the $1.42 billion company. The 1-year high was reported on Nov, 2 by Barchart.com. If the $33.88 price target is reached, the company will be worth $766.80M more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 32,082 shares traded hands. Provident Financial Services, Inc. (NYSE:PFS) has risen 10.00% since March 31, 2016 and is uptrending. It has outperformed by 7.48% the S&P500.

Analysts await Provident Financial Services, Inc. (NYSE:PFS) to report earnings on November, 4. They expect $0.34 EPS, up 3.03% or $0.01 from last year’s $0.33 per share. PFS’s profit will be $21.95 million for 16.18 P/E if the $0.34 EPS becomes a reality. After $0.34 actual EPS reported by Provident Financial Services, Inc. for the previous quarter, Wall Street now forecasts 0.00% EPS growth.

Provident Financial Services, Inc. (NYSE:PFS) Ratings Coverage

Out of 6 analysts covering Provident Financial Services (NYSE:PFS), 2 rate it a “Buy”, 0 “Sell”, while 4 “Hold”. This means 33% are positive. Provident Financial Services has been the topic of 7 analyst reports since August 5, 2015 according to StockzIntelligence Inc. The firm has “Outperform” rating given on Monday, August 3 by RBC Capital Markets. The firm earned “Hold” rating on Monday, August 3 by Drexel Hamilton. The rating was downgraded by Piper Jaffray to “Neutral” on Tuesday, November 10. The stock of Provident Financial Services, Inc. (NYSE:PFS) earned “Neutral” rating by Boenning & Scattergood on Friday, July 31. As per Tuesday, September 13, the company rating was downgraded by Sandler O’Neill. The firm has “Hold” rating given on Friday, August 14 by Zacks.

According to Zacks Investment Research, “Provident Financial Services, Inc. is the holding company of The Provident Bank, a community- and customer-oriented banking company. The Provident Bank emphasizes personal service and customer convenience in attending to the financial needs of individuals, families and businesses in northern and central New Jersey. The bank offers a broad array of deposit, loan, trust and investment products. In keeping with its Customer-Centric Strategy.”

Insitutional Activity: The institutional sentiment decreased to 1.09 in 2016 Q2. Its down 0.12, from 1.21 in 2016Q1. The ratio turned negative, as 6 funds sold all Provident Financial Services, Inc. shares owned while 48 reduced positions. 12 funds bought stakes while 47 increased positions. They now own 40.44 million shares or 0.63% more from 40.18 million shares in 2016Q1.
State Of Tennessee Treasury Department reported 46,055 shares or 0% of all its holdings. Ladenburg Thalmann Financial Service accumulated 6,490 shares or 0% of the stock. Invesco Limited has invested 0% of its portfolio in Provident Financial Services, Inc. (NYSE:PFS). Texas Permanent School Fund holds 0.01% of its portfolio in Provident Financial Services, Inc. (NYSE:PFS) for 45,237 shares. Parametric Associate Limited Liability last reported 0.01% of its portfolio in the stock. Moreover, Manufacturers Life Ins The has 0.01% invested in Provident Financial Services, Inc. (NYSE:PFS) for 380,646 shares. Jacobs Levy Equity Mngmt reported 50,369 shares or 0.02% of all its holdings. Employees Retirement Association Of Colorado last reported 27,168 shares in the company. Hennessy Inc has invested 0.21% of its portfolio in Provident Financial Services, Inc. (NYSE:PFS). Voya Invest Mngmt Limited Liability Company holds 0% or 39,385 shares in its portfolio. California State Teachers Retirement System last reported 128,097 shares in the company. 1St Glob Advsr holds 0.04% or 14,010 shares in its portfolio. Clarivest Asset Mgmt Ltd Liability Com last reported 0.02% of its portfolio in the stock. Toronto Dominion Natl Bank holds 0% or 9 shares in its portfolio. Blackrock Advsr Ltd Liability Company accumulated 28,376 shares or 0% of the stock.

Insider Transactions: Since May 3, 2016, the stock had 0 insider buys, and 12 selling transactions for $2.79 million net activity. NOVIELLI JACK sold $118,183 worth of stock or 5,500 shares. The insider BLUM DONALD W sold $301,730. 29,557 shares were sold by Raimonde Michael A, worth $581,648 on Tuesday, May 3. Krasowski Janet D sold 10,000 shares worth $200,000. $230,460 worth of Provident Financial Services, Inc. (NYSE:PFS) was sold by KUNTZ JOHN F. $226,116 worth of shares were sold by Christy James A. on Tuesday, August 23. Shares for $93,078 were sold by FEKETE FRANK L.

More recent Provident Financial Services, Inc. (NYSE:PFS) news were published by: Globenewswire.com which released: “Provident Financial Services, Inc. and The Provident Bank Name Robert Adamo to …” on September 26, 2016. Also Seekingalpha.com published the news titled: “Provident Financial: Chugging Along Impressively” on October 30, 2016. Globenewswire.com‘s news article titled: “Provident Financial Services, Inc. Appoints Broadridge Corporate Issuer …” with publication date: October 31, 2014 was also an interesting one.

PFS Company Profile

Provident Financial Services Inc., incorporated on August 13, 2002, is a holding firm for The Provident Bank (the Bank). The Bank is a New Jersey-chartered capital stock savings bank. As a community and customer-oriented institution, the Bank provides personal service and customer convenience in serving the financial needs of the individuals, families and businesses residing in its primary markets areas. The Bank attracts deposits from the general public and businesses in the areas surrounding its banking offices and uses those funds, together with funds generated from activities and borrowings, to originate commercial real estate loans, residential mortgage loans, commercial business loans and consumer loans. The Bank also invests in mortgage-backed securities and other permissible investments. It operates approximately 90 service branch offices in the New Jersey counties of Hudson, Bergen, Essex, Mercer, Hunterdon, Middlesex, Monmouth, Morris, Ocean, Passaic, Somerset, Union and Warren, as well as in Bucks, Lehigh and Northampton counties in Pennsylvania.

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